With the increasing movement around the world of business people and wealthy individuals, for either commercial or personal reasons, there is an increased need for the provision of a base outside individuals’ countries of origin and outside of their countries of acquired residence to coordinate the development of business interests.
A Tax Neutral Base
A base is often most appropriately established in a tax neutral jurisdiction, as often in a new country of residence taxation is applied on a personal basis in respect of monies individually earned or remitted for expenditure to different jurisdictions.
The relocation of wealthy individuals and the relocation of connected family members also dictates the need to provide a tax neutral base to enable individual local residential tax obligations to be met, without prejudicing or influencing other dependant members of the family resident elsewhere.
A coordination office over and above the provision of the family office in a tax neutral jurisdiction is also often needed in the country of residence, or sometimes in a country close by. This can then provide the day to day coordination of business interests and/or to develop the business activity itself.
The support for an international family office through multiple jurisdictions needs to include support not just in providing holding company operations, but also core business organisation and, potentially, the investment of family monies through mutual funds or hybrid investment structures.
What is the Role of a Professional Business Centre?
With the availability of Business Centres within many of the Dixcart offices in the jurisdictions in which we operate, it is possible for Dixcart to provide serviced office facilities together with the legal and accounting support required for commercial operations. Local individual client business management can be undertaken by employing relevant staff directly and basing these employees in a serviced office facility within the appropriate Dixcart Business Centre.
As business becomes more mobile, Dixcart can provide effective solutions. We can organise structures in appropriate tax neutral locations and can also provide the services that may be required in various commercial jurisdictions to provide efficient and effective business support.
Dixcart’s added strength is that whilst we understand and can support businesses and financial operations, we can also address and assist with the family issues that are always fundamental considerations in international wealth management.
Dixcart Information Notes regarding the various jurisdictions are available and include:
- Isle of Man
- Lisbon (Portugal)
- Madeira (Portugal)
- St Kitts & Nevis
- United Kingdom
For more help and guidance regarding Family Office support please speak to Laurence Binge or Peter Robertson at the Dixcart office in the UK: email@example.com.